Meta shareholders overwhelmingly reject Bitcoin financial strategy proposal, with only 0.08% support

Odaily Planet Daily News According to an SEC document dated May 28, Meta shareholders overwhelmingly rejected a proposal to allocate part of its $72 billion cash reserves to Bitcoin, with nearly 5 billion votes against and only 3.92 million votes in favor. The proposal was initiated by Bitcoin advocate and Strive Wealth Management's Bitcoin director Ethan Peck, who had previously made similar proposals to Microsoft and Amazon. Microsoft has already rejected the proposal, while Amazon has yet to vote.

Peck advocates for using Bitcoin as a strategic reserve asset to address monetary policy uncertainties. Although Meta had previously ventured into the blockchain project Libra (later renamed Diem and now closed), the company's current stance on crypto assets remains unclear. Earlier this year, there were reports that Meta was exploring the use of stablecoins to manage payments between applications. (CoinDesk)